HAR §15-4-10. Terms of loans

(a) No loan shall include any portion or item of loss covered by an insurance contract or for which the applicant has received assistance from any other federal, state, or local program of disaster relief. (b) The amount of loans to any one applicant shall not exceed $25,000 in state funds for a commercial loan and shall not exceed $5,000 in state funds for a personal loan. (c) No loan shall be made for a term exceeding twenty years. (d) Each loan shall bear simple interest at the rate of five per cent a year for direct loans and the State's share of participating loans. (e) The director may defer the commencement date for repayment of the first installment on principal for each loan for a period of six months from the date of the loan; the commencement date for payment of interest pay not be deferred. [Eff. JUL 6 1981] (Auth: HRS §209-26) (Imp: HRS §209- 30)